All private Landlords and letting agents taking deposits for assured shorthold tenancies (ASTs) in England and Wales must safeguard them with a Government- authorised tenancy deposit protection scheme.
Both Landlords and tenants can manage their accounts 100% online or by using the traditional postal methods, from registration to repayment. Plus deposits are secure using the DPS- thanks to the Bank of Scotland’s Specialist Deposit Services team, who will safeguard and administer all deposit funds.
There are no membership fees, application fees or per tenant charges for protecting deposits
An independent Alternative Dispute Resolution (ADR) service, run by the Chartered Institute of Arbitrators, will aim to resolve any disputes quickly and without the need for court action.
When a deposit is safely protected, the DPS will issue the tenants with their own unique ID number. This can be used to view their tenancy and deposit details, and access the scheme rules, by visiting www.depositprotection.com.
Tenants and agents can request the repayment of a deposit to the appropriate parties at the end of a tenancy- jointly or independent, online or by telephone. When one party requests a repayment, the other needs to confirm whether they agree with the proposal, by completing an acceptance form, either online or by post.
It is in the interest of both parties to agree how the deposit is to be repaid, so that everyone receives the funds due to them as quickly as possible. All deposits are repaid within 10 calendar days of the correctly completed acceptance form being received by the DPS.